This book constitutes the refereed proceedings of the Third European Conference on Computational Learning Theory, EuroCOLT'97, held in Jerusalem, Israel, in March 1997. The book presents 25 revised full papers carefully selected from a total of 36 high-quality submissions. The volume spans the whole spectrum of computational learning theory, with a certain emphasis on mathematical models of machine learning. Among the topics addressed are machine learning, neural nets, statistics, inductive inference, computational complexity, information theory, and theoretical physics.